- January 7, 2021
- Posted by: DxMinds
- Category: Blockchain Development, Famous App Analysis
Cryptocurrencies have turned out in becoming a buzzword of the town. It all started with the invention of Satoshi Nakomoto, an anonymous individual or a group of people who invented the first-ever crypto Bitcoin in the year 2009. Ever since it’s been introduced, it started breaking new heights. Realizing its true potential, the government of India has removed the ban it imposed on cryptocurrency trading in India in late March 2020. This has opened the door for new opportunities for Indians to experience the world of cryptocurrencies and make investments that worth the wait for.
Wazirx is one of the largest cryptocurrency exchanges in India. It acts as a platform where traders and investors can buy and sell cryptocurrencies. The unique cryptocurrency exchange was able to gain huge traction among potential investors from India and has turned out in becoming a huge trendsetter. Businesses and organizations are actively looking forward to developing a cryptocurrency exchange like Wazirx to build a scalable and revenue-generating business model. This article is exclusively dedicated to those sets of entrepreneurs who want to come up with their own cryptocurrency exchange like Wazirx. We will discuss the in and out details, features, and even cost to develop a cryptocurrency exchange like Wazirx. So let us get started.
More about leading crypto exchange in India- Wazirx
Wazirx is an Indian based cryptocurrency exchange founded by Mr. NischalShetty AND Mr. SiddarthMenon. It is termed to be the largest cryptocurrency exchange in India with an average daily trading volume of about USD 24 Million and it keeps on increasing on a daily basis. In late 2019, the pioneer crypto exchange in India, Wazirx was acquired by Binance holdings, the key player among global cryptocurrency exchanges. With the acquisition, Wazirx was able to enhance its bandwidth in an aggressive manner, thereby reaching out to a potential set of customers. Users can make use of Wazirx web and mobile applications for iOS and Android versions to experience hassle-free trading. It is no doubt that Wazirx plays a key role in bringing more people into the crypto space in the long run.
Key Features of Wazirx, the leading crypto exchange in India
Sign Up/ Sign in
A new user needs to have an account created on the platform. The user can make use of the email id or mobile number to get started.
Since it’s a financial platform, it has to obey certain rules and regulations and KYC is a part of that. The user needs to submit relevant documents for successful verification of the KYC process. It may take some time for the documents to get verified.
A user account is a private space for the users where they can have access to a wide array of options like the user name provided, email address, mobile number, and much more.
The Wazirx app offers a high degree of security for the assets and belonging of the users. Based on the requirement, the users are given the chance to choose the type of security mode. High degree facilities like 2 Factor authentication is provided in the app.
The market displays various metrics such as cryptocurrency, its ticker, current market price, bidding details, trade book, order volume, and much more. Currently, Wazirx supports trading pairs such as INR, Tether USD, WRX- a native wazirx token, and bitcoin. Wazirx has more almost 100+ cryptocurrencies trading on their platforms, prominent among them being Bitcoin, ADA, Litecoin, Ethereum, etc.
Buy/ Sell crypto
The main purpose of the Wazirx exchange is to allow the users to trade on cryptocurrencies and hence it helps them buy/ sell cryptos. They can set their transaction price, set target, stop loss, etc. so they can have a safe time trading.
Peer2Peer feature helps users connect to people who sell stable coins like tether so that users can trade them with other cryptos.
When it comes to selecting the fiat currency, Wazirx has it all integrated. It has INR, USD, EUR, and much more.
Users can deposit and withdraw funds at any time in a flawless manner. A small transaction fee will be held by the exchange and the funds will be directly send/ withdrawn to the users bank account.
The present and past orders will be visible under the order section and it let the traders stay ahead of all the orders.
The exchange comes with a built-in crypto wallet where all the purchased cryptocurrency will be stored. Based on the requirements, users can transfer these cryptocurrencies to the preferred wallets.
How much does it cost to develop a crypto exchange like Wazirx?
Cryptocurrency exchanges differ from one another. Some may have more features while others come with very basic features. When it comes to determining the development cost of a cryptocurrency exchange like Wazirx one needs to take all these factors to account. Yet one can’t assume the development cost without having a deep look into these factors. Also, there are many other factors like technology integration, third party APIs, UI/UX features, which plays a key role in determining the exchange development cost.
DxMinds Innovation Labs- the best cryptocurrency exchange developer in India
DxMinds is one of the fastest-growing product engineering companies headquartered in California, USA, and having corporate offices in regions like the UAE, India, Peru, and Australia. DxMinds move ahead with a mission of imparting quality digital transformation services to the customers and to put that into perspective, we help you build a top cryptocurrency exchange in India. Leveraging our mastery over the state of the art technologies and futuristic development approaches, you can have a full-fledged cryptocurrency exchange onboard.
Resource hiring model at DxMinds
We showcase a wide array of engagement models, with which our customers can experience the best of cryptocurrency exchange development practices. Let us see what they are:
Offshore development centers
With our proficiency and decades of experience, we help you set up offshore development centers that can help you in bringing down the development cost to a large extend. With our offshore development centers and approaches, we help businesses in bringing the most out of them. Under the ODC model, we analyze your project in detail and onboard resources that are capable of meeting the requirements to the fullest. Our ODC models are structured in such a way that help you save 40–45% of the development cost.
Turnkey and co-owned projects
This engagement model is also known to be the fixed cost model. This engagement model is designed to deliver the best service model to our customers. In this engagement model, we analyze your project, stay in parallel to your requirements, and then rolls out the best pricing structure in the town. Under this engagement model, you are given the chance to avail top of the line services at an economical pricing structure. The resources hired for the project development as per the turnkey and co-owned projects will be charged on an hourly or on monthly basis.
Build Operate Transfer
The build operates transfer engagement model as the name itself suggests is classified into three phases. It is at the initial build phase that everything gets built from the scratch and this includes infrastructure, resources onboarding, amenities, and much more. The second phase is all about ensuring flawless operation of the system where we constantly supply with relevant support and fuel for ignition. When it comes to the transfer phase, the legal ownership of the entire project gets transferred to the respective owners upon requirement.
Why DxMinds for developing cryptocurrency exchange like Wazirx
· DxMinds comes with end to end mastery over the state of the art technologies
· Proficiency in developing cutthroat blockchain solutions, smart contracts, cryptocurrency exchanges, and much more.
· Team of highly talented technologists, developers. Architects and engineers
· Futuristic development approaches
· Agile methodology
· Seamless scaling up and scaling down of the team as per project requirements
How can I avail of top cryptocurrency exchange development services in India?
One of the best and most accurate way to avail top of the line cryptocurrency exchange development services in India is to associate with DxMinds Innovation Labs. We help you give life to your idea which plays a key role in taking your business to the next level.
What sets DxMinds apart from other cryptocurrency exchange developers?
DxMinds comes with profound experience developing earth biting solutions and this can be leveraged to the core when it comes to developing a cryptocurrency exchange from the scratch.
What are the cryptocurrency exchange development processes at DxMinds?
Ideation, market research, competitor analysis, development, testing, deployment, maintenance, and support, etc. are the process involved in developing cryptocurrency exchange at DxMinds.
Do DxMinds have any engagement models?
DxMinds comes with a wide array of engagement models such as offshore development center, Turnkey and co-owned projects, build operate transfer, and much more.
Do you have NDA policies?
To stay parallel to the purpose of business, we strictly stick to signing NDAs.